I will be doing a multi-time frame analysis to give you a good perspective of what the price getting ready to do. To have better opportunities in the market we want to have all the confluences posibles in our favor.
Monthly:
The price is overextended to the downside. We should know that every healthy market cannot move only in one direction. When the price is overextended we always could expect a retracement.
If we take the Fibonacci from the highest point of the retracement to the lower point of the retracement, we can note that the price has reached the Fibonacci profit taking level -.618 which will make the price weaker and help the price to make the movement that we are expecting.
The price has took the liquidity from a previous low. When price take liquidity from one side the movement to the opposite side is most likely to happen.
There is a M formation known as mitigation block, We could expect the price to retrace to the previous support to complete the pattern.
There is inefficiency in the price because the rapid movement that the price created to the downside.
Weekly:
The only thing that we can see different from the Monthly is the inverted head and shoulders the price has created. This confluence is great because is a reversal pattern and is telling us that the price could start the bullish run soon.
Daily:
The price from crating lower lows now is creating short term higher highs. The price have not break the previous lower high which means that technically the price still bearish ( Bad confluence).
Fundamentals:
COT REPORT:
EUR net positions:
Large speculators:31301
Leverage Funds: -5041
Asset Managers: 213,523
AUD net positions:
Large speculators:-28832
Leverage Funds:-13441
Asset Managers: 1426
The COT is telling us that the EUR is stronger which is good because for this movement to happen the EUR has to be stronger than the AUD
Monthly:
The price is overextended to the downside. We should know that every healthy market cannot move only in one direction. When the price is overextended we always could expect a retracement.
If we take the Fibonacci from the highest point of the retracement to the lower point of the retracement, we can note that the price has reached the Fibonacci profit taking level -.618 which will make the price weaker and help the price to make the movement that we are expecting.
The price has took the liquidity from a previous low. When price take liquidity from one side the movement to the opposite side is most likely to happen.
There is a M formation known as mitigation block, We could expect the price to retrace to the previous support to complete the pattern.
There is inefficiency in the price because the rapid movement that the price created to the downside.
Weekly:
The only thing that we can see different from the Monthly is the inverted head and shoulders the price has created. This confluence is great because is a reversal pattern and is telling us that the price could start the bullish run soon.
Daily:
The price from crating lower lows now is creating short term higher highs. The price have not break the previous lower high which means that technically the price still bearish ( Bad confluence).
Fundamentals:
COT REPORT:
EUR net positions:
Large speculators:31301
Leverage Funds: -5041
Asset Managers: 213,523
AUD net positions:
Large speculators:-28832
Leverage Funds:-13441
Asset Managers: 1426
The COT is telling us that the EUR is stronger which is good because for this movement to happen the EUR has to be stronger than the AUD
Trade active
Comment:
The trade is near our first target zone.
Trade active
Trade closed: target reached
Wiiso